The Advance Estimate of 2nd Quarter GDP from the Bureau of Economic Analysis released on Friday included changes in definitions, in classifications, and in the presentation of the components of GDP, as well as an annual and a comprehensive (or benchmark) revision of the national income and product accounts going back to 1929, ie, from the beginning of that measure of our economic history.

The Advance Estimate of 2nd Quarter GDP from the Bureau of Economic Analysis released on Friday included an annual revision to the past 3 years of GDP releases, revising previously published data from the first quarter of 2014 through the first quarter of 2017, which on net indicated that US economic growth over the period from 2014 to 2016 was at a 2.3% annual rate, revised from the 2.2% composite annual growth previously published for that period

The first quarter GDP initial estimate is a pathetically weak 0.7%. While the usual suspects, changes in private inventories, imports and government spending all contracted, the real drama is in the very weak consumer spending growth. Consumer spending is most of GDP and only gained a paltry 0.3% for Q1.

The GDP initial estimate reports a weak 1.9% economic growth for the 4th quarter. Imports really hammered GDP, just in time to validate now President Trump. Consumer spending was lower while changes in private inventories added a full percentage point to Q4 GDP. Generally speaking this report shows just how much imports can slow economic growth. U.S. Exports curtailed and as a result, -1.7 percentage points of GDP were lost in Q4.

The GDP initial estimate reports a solid 2.9% economic growth for the third quarter. Trade exports and private inventories accelerated in Q3. Consumer spending was home hum, although durable goods consumer spending dramatically increased. Residential investment declined for the quarter. While a nice report, GDP is always revised and this is just the initial release.

The first Q2 GDP estimate shows a surprising sputtering 1.2% of economic growth. That is a much weaker second quarter than most expected as investment declined -9.7% from the first quarter and the price index was much higher. Worse, GDP was revised for 2016 Q1 back to 0.8%. GDP for years 2015, 2014 and 2013, were all revised higher. Yet since Q2 2015, quarterly GDP was revised lower, showing quite the sluggish slowdown going on for at least a year.

Q1 GDP was revised upward to 1.1%. Originally GDP was estimated to be 0.5%, then revised up to 0.8% and now reported to be 1.1%. While consumer spending was revised somewhat lower again, exports came to the rescue and bumped up Q1 GDP. Private investment contraction was less than originally estimated as well. Now GDP is still weak but not anything to be concerned about. Seems revisions always change the economic growth story and Q1 is no exception.